New Delhi, The Competition Commission of India (CCI) on Tuesday approved US-based General Atlantic‘s proposal to acquire an additional stake in insurtech firm Acko Technology & Services Pvt Ltd.
Private equity firm General Atlantic is acquiring additional shares in Acko Tech through its affiliate General Atlantic Singapore ACK Pte Ltd.
The proposed combination involves the acquisition of additional shareholding of Acko Technology & Services Pvt Ltd by General Atlantic Singapore ACK Pte Ltd on a fully diluted basis, crossing the threshold of 25 per cent pursuant to Acko Tech’s rights issue, the Competition Commission of India (CCI) said in a release.
General Atlantic provides capital and strategic support to growing businesses across several global sectors, including technology, healthcare, life sciences, infrastructure, and financial services.
Acko Technology & Services has three wholly owned subsidiaries — Assurelink, Acko General Insurance and Acko Life Insurance.
Acko General Insurance and Acko Life are licensed general (non-life) and life insurance providers, respectively, while Assurelink is awaiting an IRDAI corporate agency Licence to undertake insurance policy distribution in India.
“CCI approves acquisition of additional shareholding of Acko Technology & Services Private Limited by General Atlantic Singapore ACK Pte Ltd, (crossing 25 per cent), pursuant to Acko Tech’s Rights Issue,” the regulator said in a post on X.
Deals beyond a certain threshold require approval from the regulator, which keeps a watch on unfair business practices as well as promotes fair competition in the marketplace. PTI
